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Green Dot Announces New Exclusive Distribution and Key Contract Renewals
MONROVIA, Calif., May 21, 2012 – Green Dot Corporation (NYSE: GDOT), a provider of widely distributed, low cost banking and payment solutions, announced a new distribution agreement as well as other key contract renewals, enhancing its industry-leading retail footprint in prepaid.
Green Dot signed a new multi-year exclusive distribution agreement with Dollar Tree, Inc. (NASDAQ: DLTR). Green Dot expects to launch a broad portfolio of its network-branded general purpose reloadable (GPR) card and MoneyPak reload products chain-wide within Dollar Tree in the second half of 2012, which would add more than 4,300 locations to Green Dot’s expansive national retail distribution footprint and bring the total to approximately 65,000 locations upon full roll out. These FDIC-insured Green Dot cards will be issued by Green Dot Bank.
Green Dot entered into an agreement with Walmart (NYSE: WMT) to continue serving as the program manager of the Walmart Visa Gift Card. The multi-year relationship calls for new designs and a broader product line-up to drive growth for the program, which Green Dot has managed for Walmart since 2007.
Green Dot signed a multi-year extension to its network services agreement with PayPal, an eBay (NASDAQ: EBAY) company and a global leader in online payments. As a result, all U.S. consumers can continue to add money directly to their PayPal accounts using a Green Dot MoneyPak.
About Green Dot Corporation
Green Dot is a publicly traded (NYSE:GDOT) bank holding company regulated by the Board of Governors of the Federal Reserve System. The Company provides widely distributed, low cost banking and payment solutions to a broad base of U.S. consumers. Green Dot's products and services include its market leading category of General Purpose Reloadable (GPR) prepaid cards and its industry-leading cash transfer network which are available directly to consumers online and through a network of approximately 60,000 retail stores nationwide where 95% of Americans shop. Green Dot is headquartered in the greater Los Angeles area. For more details, visit www.greendot.com.
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding the planned expansion of the Company's retail distribution network and other future events that involve risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. A wide-variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results expressed or implied by the Company's forward-looking statements, and those risks and uncertainties are detailed in the Company's earnings releases and other filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q, which is available on the Company’s investor relations website at http://ir.greendot.com and on the SEC website at http://www.sec.gov. All information provided in this release and in the attachments is as of May21, 2012, and the Company assumes no obligation to update this information as a result of future events or developments.
Christopher Mammone, 626-739-3942
Liz Brady, (646) 277-1226